Swiggy
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MidcapRetailConsumer ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- −24.10%
- Debt to Equity
- 0.14
- EPS (TTM)
- −₹14.01
- Book Value
- ₹61.53
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 2.91
- ROE
- −29.10%
- Dividend Yield
- 0.00%
- EBITDA
- −₹2,723 Cr
- 52W High
- ₹421.60
- 52W Low
- ₹174.20
- Volume
- 0
Peer Comparison
Consumer Discretionary › Retail › Ecommerce › E-Retail/ E-Commerce
| ₹344.50 | 662.50 | ₹3,34,095 Cr | 10.62 | 0.00% | 0.38% | 2.48% | ₹77,956 Cr | ₹493 Cr | |
| ₹224.55 | — | ₹1,03,188 Cr | 24.73 | 0.00% | −46.20% | −40.00% | ₹13,835 Cr | −₹1,201 Cr | |
| ₹355.50 | 399.44 | ₹1,01,640 Cr | 70.82 | 0.00% | 15.30% | 17.20% | ₹10,649 Cr | ₹260 Cr | |
| Swiggy (this company) | ₹178.89 | — | ₹49,465 Cr | 2.91 | 0.00% | −29.10% | −24.10% | ₹24,904 Cr | −₹3,748 Cr |
| ₹155.01 | — | ₹24,479 Cr | 12.03 | 0.00% | −12.00% | −7.82% | ₹1,717 Cr | −₹333 Cr | |
| ₹2,492.90 | 51.54 | ₹12,070 Cr | 4.61 | 0.00% | 9.65% | 11.80% | ₹807 Cr | ₹254 Cr | |
| ₹131.89 | — | ₹9,563 Cr | 3.98 | 0.00% | −5.14% | −2.68% | ₹1,631 Cr | −₹48 Cr | |
| Median 7 companies | ₹224.55 | 399.44 | ₹49,465 Cr | 10.62 | 0.00% | −5.14% | −2.68% | ₹10,649 Cr | −₹48 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 88/100
Category scores
- Quality
- 9
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 34
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 98
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 36
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 9
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 50
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 3.35 times its book value
- Company has low interest coverage ratio.
- Debtor days have increased from 51.5 to 64.1 days.
- Working capital days have increased from 29.1 days to 65.5 days
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 12 | 3 | 4 |
| Oscillators | Bullish | 2 | 3 | 4 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |
Oscillators
Bullish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 26.42
- Bullish
- MACD (12,26,9)
- −20.86
- Bearish
- SMA (50)
- 245.88
- Bearish
- SMA (200)
- 272.98
- Bearish
As of
Analyst Rating
21 of 28 analysts rate Buy, 4 Hold, 3 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +55.36% |
|---|---|
| 3Y | +40.77% |
| 1Y | +51.40% |
| TTM | +46.80% |
Net profit
| 5Y | Loss widened by ₹2,537 Cr |
|---|---|
| 3Y | Loss narrowed by ₹25 Cr |
| 1Y | Loss widened by ₹1,037 Cr |
| TTM | Loss widened by ₹45 Cr |
Operating cash flow
| 5Y | Outflow widened by ₹1,723 Cr |
|---|---|
| 3Y | Outflow narrowed by ₹1,162 Cr |
| 1Y | Outflow widened by ₹729 Cr |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +36.85 pp |
|---|---|
| 3Y | +37.67 pp |
| 1Y | +4.28 pp |
| TTM | +7.09 pp |
Revenue by year
| Mar 2020 | ₹3,468 Cr |
|---|---|
| Mar 2021 | ₹2,547 Cr |
| Mar 2022 | ₹5,705 Cr |
| Mar 2023 | ₹8,265 Cr |
| Mar 2024 | ₹11,247 Cr |
| Mar 2025 | ₹15,227 Cr |
| Mar 2026 | ₹23,053 Cr |
Net profit by year
| Mar 2020 | −₹3,920 Cr |
|---|---|
| Mar 2021 | −₹1,617 Cr |
| Mar 2022 | −₹3,629 Cr |
| Mar 2023 | −₹4,179 Cr |
| Mar 2024 | −₹2,350 Cr |
| Mar 2025 | −₹3,117 Cr |
| Mar 2026 | −₹4,154 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Swiggy Ltd trades at ₹177.73 as of 2026-11-02 with a market cap of ₹49,763 Cr, delivering strong 47% TTM sales growth but remaining unprofitable with a TTM EPS of -₹14.01 and ROE of -22.68%. The stock has declined 47% over the past year from a 52-week high of ₹421.60, reflecting investor concern over persistent losses despite rapid revenue expansion.
- Revenue growth remains robust with a 47% TTM compounded sales growth rate, indicating strong demand for the platform's services
- 3-year compounded sales CAGR of 41% and 5-year compounded sales CAGR of 55% demonstrate sustained top-line momentum over multiple periods
- Debt-to-equity ratio stands at a conservative 0.14, giving the company significant balance sheet flexibility to fund growth without heavy leverage
- The stock trades near its 52-week low of ₹174.20 at ₹177.73, meaning much of the pessimism may already be priced in after a 58% decline from the 52-week high of ₹421.60
- The company is expected to deliver a good upcoming quarter, which could act as a near-term catalyst for sentiment improvement
- Price-to-book ratio of 2.89 is lower than the stated 3.35x book value threshold flagged as a concern, suggesting some compression in valuation multiples has already occurred
- Compounded profit growth over 3 years at 0% indicates losses have at least stabilised rather than widened on a multi-year basis
- The company remains loss-making with a TTM EPS of -₹14.01 and ROE of -22.68%, showing no clear path to profitability yet
- ROCE stands at -19.42%, meaning the business destroys capital rather than generating returns on invested capital
- Stock price has declined 47% over the past one year (1-year stock CAGR of -47%), reflecting significant erosion of shareholder value
- Working capital days have deteriorated sharply from 29.1 days to 65.5 days, indicating worsening cash conversion efficiency
- Debtor days have increased from 51.5 to 64.1 days, signalling slower collections and potential strain on cash flows
- The company has a low interest coverage ratio, raising concerns about its ability to service debt obligations from operating earnings
- Dividend yield is 0%, offering no income return to shareholders while they bear significant capital depreciation risk
- TTM compounded profit growth is -1%, meaning despite 47% sales growth the company has failed to translate revenue expansion into bottom-line improvement
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Swiggy's core food delivery business is performing well with record EBITDA of ₹341 crore and 36% revenue growth, but this is overshadowed by widening Instamart losses at ₹895 crore and a rapidly growing gap versus Blinkit in quick commerce scale and profitability. The stock has lost over 54% YTD as brokerages cut targets, though mutual funds increased holdings 19.8% in September. The next 2-3 quarters are pivotal — the IOCC-enabled inventory model transition and Toing's user acquisition impact will determine whether Swiggy can narrow the profitability gap or fall further behind.
- Stock down 54% YTD in 2026 Oct 30
Swiggy shares fell 5.8% to ₹174.50 on Oct 30 amid a ₹982 crore block deal involving 5.43 crore shares. The stock has lost over 57% in the last year and 54% YTD, with market cap around ₹48,857 crore.
- Instamart losses widen to ₹895Cr Oct 22
Quick commerce adjusted EBITDA loss widened to ₹895 crore in Q2 FY27 from ₹778 crore in Q1 and ₹849 crore a year ago, with contribution margin deteriorating to -1.4%. Instamart's NOV share versus Blinkit fell from ~29.5% to 24.0% in a single quarter.
- Consolidated net loss widens sequentially Oct 25
Swiggy's consolidated net loss widened to ₹922 crore in Q2 FY27 from ₹792 crore in Q1, with total expenses climbing 30% YoY to ₹8,703 crore outpacing revenue growth.
- Mutual funds increase Swiggy holdings Oct 14
Swiggy saw the largest increase in mutual fund buying among midcap stocks in September 2026, with shares held rising 19.8% month-on-month.
- Food delivery profits hit record Oct 22
Core food delivery adjusted EBITDA rose 42% YoY to a record ₹341 crore in Q2 FY27, with margins improving to 3.4% of GOV and management targeting 5% steady-state EBITDA margin.
- Revenue grows 36% YoY Oct 25
Swiggy reported revenue of ₹7,571 crore in Q2 FY27, up 36% YoY, with monthly transacting users growing 21% to 27.8 million.
- Board re-appoints chairman, director Oct 22
Swiggy board approved re-appointment of Anand Kripalu as Chairman and Suparna Mitra as Independent Director for five-year terms, subject to shareholder approval.
- Food delivery growth target unchanged Oct 22
Swiggy retained its annual food delivery growth guidance at 18-20%, with the IOCC transition expected to add ~80 bps to net margins over 2-3 quarters.
- Lynks Logistics stake sold Oct 16
Swiggy Networks sold its entire stake in Lynks Logistics to Trustroot Internet on October 15, 2026, with Lynks ceasing to be a step-down subsidiary.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,390 | 2,763 | 3,049 | 3,046 | 3,222 | 3,601 | 3,992 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 | 7,571 |
| Expenses | 2,964 | 3,387 | 3,575 | 3,536 | 3,766 | 4,155 | 4,718 | 5,374 | 5,916 | 6,360 | 6,931 | 7,081 | 7,463 | 8,341 |
| Operating Profit | −575 | −624 | −526 | −490 | −544 | −554 | −726 | −964 | −955 | −799 | −783 | −698 | −651 | −770 |
| OPM % | −24% | −23% | −17% | −16% | −17% | −15% | −18% | −22% | −19% | −14% | −13% | −11% | −10% | −10% |
| Other Income | 119 | 87 | 78 | 73 | 75 | 82 | 107 | 121 | 87 | 59 | 86 | 266 | 211 | 210 |
| Interest | 17 | 15 | 18 | 20 | 20 | 23 | 26 | 32 | 41 | 48 | 55 | 56 | 53 | 54 |
| Depreciation | 91 | 105 | 108 | 117 | 122 | 131 | 154 | 206 | 288 | 304 | 313 | 312 | 298 | 308 |
| PBT | −564 | −657 | −574 | −555 | −611 | −625 | −799 | −1,081 | −1,196 | −1,091 | −1,064 | −799 | −791 | −922 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | −564 | −657 | −574 | −555 | −611 | −626 | −799 | −1,081 | −1,197 | −1,092 | −1,065 | −800 | −791 | −922 |
| EPS (₹) | — | — | — | — | — | −62.75 | −3.57 | −4.73 | −4.8 | −4.38 | −3.86 | −2.9 | −2.87 | — |
Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 | 24,904 |
| Expenses | 7,292 | 3,843 | 9,355 | 12,538 | 13,447 | 18,015 | 26,288 | 27,835 |
| Operating Profit | −3,824 | −1,296 | −3,650 | −4,273 | −2,199 | −2,788 | −3,235 | −2,931 |
| OPM % | −110% | −51% | −64% | −52% | −20% | −18% | −14% | −12% |
| Other Income | 218 | −19 | 239 | 438 | 341 | 384 | 498 | 622 |
| Interest | 85 | 75 | 48 | 58 | 71 | 101 | 200 | 212 |
| Depreciation | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 | 1,227 |
| PBT | −3,908 | −1,612 | −3,629 | −4,179 | −2,350 | −3,117 | −4,154 | −3,748 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | −3,920 | −1,617 | −3,629 | −4,179 | −2,350 | −3,117 | −4,154 | −3,748 |
| EPS (₹) | — | — | — | — | — | −13.63 | −15.05 | −14.01 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.88 | 0.01 | 0.86 | 3 | 3 | 229 | 261 |
| Reserves | 2,966 | 1,736 | −3,296 | −6,509 | −7,785 | 9,991 | 18,053 |
| Borrowings | 89 | 93 | 16,071 | 16,162 | 16,437 | 1,702 | 2,551 |
| Other Liabilities | 1,346 | 1,086 | 1,637 | 1,624 | 1,874 | 3,283 | 4,372 |
| Total Liabilities | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
| Fixed Assets | 1,332 | 747 | 801 | 1,505 | 2,041 | 3,631 | 4,558 |
| CWIP | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 |
| Other Assets | 1,182 | 1,243 | 3,263 | 3,235 | 3,317 | 8,897 | 14,645 |
| Total Assets | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
Cash Flow
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | −3,841 | −1,175 | −3,900 | −4,060 | −1,313 | −2,169 | −2,898 |
| Investing | 3,195 | 1,282 | −9,160 | 3,968 | 1,472 | −1,372 | −4,983 |
| Financing | 849 | 14 | 13,634 | −172 | −123 | 3,903 | 9,397 |
| Net Cash Flow | 202 | 120 | 574 | −264 | 37 | 362 | 1,516 |
| Free Cash Flow | −4,175 | −915 | −4,128 | −4,217 | −1,657 | −2,912 | −3,809 |
| CFO/EBITDA | 99 | 91 | 105 | 94 | 60 | 79 | 89 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 24 | 71 | 47 | 31 | 59 | 64 |
| Inventory Days | 31 | 10 | 4 | 1 | 4 | 3 | 3 |
| Days Payable | 311 | 223 | 154 | 94 | 70 | 111 | 83 |
| Cash Conversion Cycle | −268 | −189 | −79 | −46 | −35 | −48 | −16 |
| Working Capital Days | −22 | −41 | 18 | 18 | 0 | 21 | 66 |
| ROCE % | — | −57% | −48% | −37% | −24% | −29% | −24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Swiggy insights
61 extracted metrics across FY20–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Concall · Jul 2026Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
Frequently Asked Questions about Swiggy
What does Swiggy Ltd do?
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What is the 52-week high and low of Swiggy Ltd?
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Company Information
Founded in 2014, Swiggy Ltd is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app.
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